CULTURE Blockchain to further boost healthcare industry

CULTURE

Blockchain to further boost healthcare industry

China Daily

17:05, September 20, 2018

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Is Blockchain the answer to a better healthcare industry? The question investors are asking will be answered at the 2018 Trusted Blockchain Summit on October 19 in Beijing.

Hosted by the China Academy of Information and Communications Technology (CAICT), the summit will feature interactive expert panels and workshops covering topics including technology foundations, security, standardization, governance and regulation. And a special healthcare sub-forum will be set up to give specific perspectives on the development trend and application prospect of the newly integrated industry.

As Blockchain and Distributed Ledger Technologies (DLT) offer a revolutionary way of establishing trust between individuals or entities without any centralized parties, they complement current Internet technologies and are expected to become the fundamental infrastructure of the digital economy.

The technology is "getting closer to its breakout moment," says Deloitte, whose newly released survey finds healthcare organizations seeing  a "disruption" in the horizon and are preparing to spend accordingly.

Healthcare Rallies for Blockchain, a study from IBM found that 56% of surveyed healthcare executives had solid plans to implement a commercial blockchain solution this year, or are expected to by 2020. 

Why? Because information and data are stored in immutable blocks that cannot be altered and accessed without key codes provided to those who have been given access to the data. The implications for the healthcare industry are pretty clear.

The technology would solve many issues that plague the industry to create a common database of health information that doctors and providers could access no matter what electronic medical system they use, higher security and privacy, less administrative time for doctors, so there’s more time to spend on patient care, and even better sharing of research results to facilitate new drug and treatment therapies.

It is expected to be widely used on clinical trial recording, health care facility supervision, health management, medical treatment, billing and claims, medical asset management and negative effects to adverse events.

China’s progress in the industry will be introduced in the forum, with relevant experts and delegations sharing their experiences on how to deal with current challenges brought by the technology, including the scattered storage of data, uncertainty of data safety and data flowing cross platforms, which is expected to be a fascinating process to watch. 


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